Spectrum Health Recognized for Financial Performance

Spectrum Health is one of four U.S. hospital systems awarded the Healthcare Financial Management Association’s (HFMA) 2013 MAP Award for High Performance in Revenue Cycle.

“We are very proud of this recognition,” said Ron Knaus, vice president, finance, Spectrum Health. “We work hard to support high-quality patient care. Patient needs are always at the center of our planning.”

HFMA’s MAP Award for High Performance in Revenue Cycle recognizes healthcare organizations that demonstrate excellence across all the MAP Key indicators of revenue cycle performance. MAP stands for:

Measure performance
Apply evidence-based strategies for improvement
Perform to the highest standards in today’s challenging healthcare environment

According to HFMA, the award recognizes hospitals for meeting or exceeding stringent evaluation criteria addressing critical performance factors such as revenue cycle processes, financial performance, innovation, adoption of patient friendly principles and patient satisfaction. Winners show innovative and effective revenue cycle practices that deliver sustainable financial performance.

“In light of the significant changes taking place in the healthcare industry, achieving revenue cycle excellence has never been more important than it is today,” said Joseph J. Fifer, FHFMA, CPA, president and CEO, HFMA.

The award was formally presented at HFMA’s 2013 Annual National Institute in June in Orlando, Florida.

The Healthcare Financial Management Association provides the resources healthcare organizations need to achieve sound fiscal health in order to provide excellent patient care. With more than 40,000 members, HFMA is the nation’s leading membership organization of healthcare finance executives and leaders. HFMA helps its members achieve results by providing education, analysis, and guidance, and creating practical tools and solutions that optimize financial management. The organization is a respected and innovative thought leader on top trends and challenges facing the healthcare finance industry. From addressing capital access to improved patient care to technology advancement, HFMA is the indispensable resource for healthcare finance. hfma.org.

Spectrum Health is a not-for-profit health system, based in West Michigan, offering a full continuum of care through the Spectrum Health Hospital Group, which is comprised of nine hospitals including Helen DeVos Children’s Hospital; 130 ambulatory and service sites; 975 advanced practice providers and employed physicians including members of the Spectrum Health Medical Group and West Michigan Heart physician groups; and Priority Health, a health plan. Spectrum Health is West Michigan’s largest employer with 19,200 employees. The organization provided $204 million in community benefit during its 2012 fiscal year.